Tesla (NASDAQ:TSLA) has signed a deal to build its first grid-scale battery storage station in China, which will be located in Shanghai, according to local media Yicai.
The agreement was signed Friday between the U.S. automaker, China Kangfu International Leasing Co, and the Shanghai local government.
The project involves an investment of 4 billion yuan ($556.8 million), the Yicai report stated.
The Shanghai facility will utilize Tesla’s megapack batteries for the grid-scale energy storage system, marking the company’s entry into large-scale battery storage infrastructure in the Chinese market.
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